06/04/12

How to Harvest Royalties From Your Ideas — Entrepreneur Addiction #39 with Stephen Key

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How to Harvest Royalties From Your Ideas -- Entrepreneur Addiction #39 with Stephen Key

Yes, this is actually the side of Patrick Wiscombe’s head.

Tim Ferris made a name for himself with The 4-Hour Workweek, a guide to making more cash while working less.

But before he put pen to paper on the book, he was mentored by Stephen Key, the “idea man.” Stephen is the author of “One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work.” He’s made a ton of money selling ideas to companies and collecting royalties on the products that are manufactured and sold.

In this episode, we chat about how he does it — which is surprisingly simple — and how entrepreneurs can adopt those same philosophies for similar results. If you’re an inventor, a product developer, or just have good ideas to improve the products you use every day, this is the show for you.

Enjoy the conversation:

About the Guest
How to Harvest Royalties From Your Ideas -- Entrepreneur Addiction #39 with Stephen KeyStephen Key is a successful award-winning inventor and entrepreneur, having licensed over 20 products in the past 30 years. A holder of over 13 patents, Stephen’s products have sold in Wal-Mart, 7-Eleven, Disney Stores and theme parks worldwide, and have been endorsed by basketball great Michael Jordan and Jeopardy host Alex Trebek. Stephen’s innovative Spinformation rotating label has been licensed for use on many products including a product called Accudial. Accudial shows parents how to dose their child’s liquid medication by weight versus traditional age, making it more accurate.

Stephen has appeared on national television numerous times, including an appearance on the CNBC show “The Big Idea with Donny Deutsch” and as an expert guest on “Dr. Phil.” Stephen has been interviewed by national magazines, newspapers, and authors such as Tim Ferris (“The 4-Hour Work Week”) and Donny Deutsch (“The Big Idea”). Stephen was also a consultant on the first season of the hit ABC reality TV show “American Inventor,” created by Simon Cowell. Stephen was a keynote speaker at the US Patent & Trademark Office 14th Annual Independent Inventor Conference in November 2009.

Along with business partner Andrew Krauss, Stephen co-founded inventRight, a company dedicated to educating inventors, entrepreneurs, or anyone with an idea the necessary steps to build wealth through licensing. Stephen has a new book from McGraw-Hill titled “One Simple Idea” is available in book stores nation wide as well as online through Amazon and Barnes & Noble. For more information please visit: www.inventright.com, www.spinlabels.com, and www.inventornotes.com.

Turn up your speakers or put on your headphones, and enjoy the conversation:

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Highlights

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It takes a little cash to change the world.

So what are you waiting for?

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Comments

  1. Royalties

    I would like to know more on this … For I have many ideas registered and needing to be guided to the proper persons… I await your contact…
    G.A.M

  2. OMG….Finally someone is saying exactly what I have been saying FOREVER. I love Stephen. I too am a product developer and I don’t stress the small stuff either. Life is too short and all we really want to do is enjoy it. Thank you so much Dan for this one!

    • Chantal, thanks for having a listen. We had a great time talking with Stephen. What are some of the products you’ve developed/invented?

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